Is GoPro Inc (GPRO) a Good Stock to Buy?

Consequently, key money managers were leading the bulls’ herd. Citadel Investment Group, led by Ken Griffin, established the most valuable call position in GoPro Inc (NASDAQ:GPRO). Citadel Investment Group had $16.6 million invested in the company at the end of the quarter. Gabriel Plotkin’s Melvin Capital Management also initiated a $12.5 million position during the quarter. The other funds with brand new GPRO positions are Beeneet Kothari’s Tekne Capital Management, Matthew A. Weatherbie’s Weatherbie Capital, and Peter Muller’s PDT Partners.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as GoPro Inc (NASDAQ:GPRO) but similarly valued. We will take a look at Ollie’s Bargain Outlet Holdings Inc (NASDAQ:OLLI), The Empire District Electric Company (NYSE:EDE), WMS Industries Inc. (NYSE:WMS), and Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX). This group of stocks’ market values are closest to GPRO’s market value.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $181 million, compared to $165 million in GPRO’s case. Ollie’s Bargain Outlet Holdings Inc (NASDAQ:OLLI) is the most popular stock in this table. On the other hand, The Empire District Electric Company (NYSE:EDE) is the least popular one with only seven investors holding shares. GoPro Inc (NASDAQ:GPRO) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Ollie’s Bargain Outlet Holdings Inc (NASDAQ:OLLI) might be a better candidate to consider taking a long position in.